12-18-2008, 05:14 PM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>India plans to jam terror cash arm</b>
New Delhi, Dec. 17: Post-26/11 India is likely to push for membership of the Paris-based Financial Action Task Force (FATF) in order to counter money laundering and terrorist financing.
Sources said New Delhi can be expected to actively pursue membership of the FATF and the technical requirements for getting FATF membership were being processed.
India has enjoyed observer status with the FATF since February 2007. India, along with South Korea, are working towards becoming FATF members. Currently both countries are members of the Asia Pacific Group on Money Laundering, a FATF-style regional body.
The issue of terrorist financing also figured in the fifth meeting of the India-Russia joint working group on combating international terrorism that concluded here on Wednesday. A joint statement issued on the occasion said: "The Russian side reiterated its support to Indiaâs membership of the Paris-based Financial Action Task Force (FATF). It was noted that Indiaâs membership to the Eurasia Group could further enhance regional anti-money laundering and countering terrorist finance regime."
The issue had also figured in the talks here between US Secretary of State Condoleezza Rice and the Indian leaders. In a joint news conference with External Affairs Minister Pranab Mukherjee here on December 3, Ms Rice had applauded Prime Minister Manmohan Singhâs emphasis on terrorist-financing and other ways to trap perpetrators of terrorist acts such as 26/11.
As a precursor to joining the FATF, India has already established the Financial Intelligence Unit and was taking other measures to fulfil the stipulated guidelines.The FATF has issued a set of 49 recommendations for detection and prevention of money laundering and for suppression of the financing of terrorism and terrorist acts.<!--QuoteEnd--><!--QuoteEEnd-->
But, politicians' interests and money channels will be protected. So, how effective will this be?
New Delhi, Dec. 17: Post-26/11 India is likely to push for membership of the Paris-based Financial Action Task Force (FATF) in order to counter money laundering and terrorist financing.
Sources said New Delhi can be expected to actively pursue membership of the FATF and the technical requirements for getting FATF membership were being processed.
India has enjoyed observer status with the FATF since February 2007. India, along with South Korea, are working towards becoming FATF members. Currently both countries are members of the Asia Pacific Group on Money Laundering, a FATF-style regional body.
The issue of terrorist financing also figured in the fifth meeting of the India-Russia joint working group on combating international terrorism that concluded here on Wednesday. A joint statement issued on the occasion said: "The Russian side reiterated its support to Indiaâs membership of the Paris-based Financial Action Task Force (FATF). It was noted that Indiaâs membership to the Eurasia Group could further enhance regional anti-money laundering and countering terrorist finance regime."
The issue had also figured in the talks here between US Secretary of State Condoleezza Rice and the Indian leaders. In a joint news conference with External Affairs Minister Pranab Mukherjee here on December 3, Ms Rice had applauded Prime Minister Manmohan Singhâs emphasis on terrorist-financing and other ways to trap perpetrators of terrorist acts such as 26/11.
As a precursor to joining the FATF, India has already established the Financial Intelligence Unit and was taking other measures to fulfil the stipulated guidelines.The FATF has issued a set of 49 recommendations for detection and prevention of money laundering and for suppression of the financing of terrorism and terrorist acts.<!--QuoteEnd--><!--QuoteEEnd-->
But, politicians' interests and money channels will be protected. So, how effective will this be?